Date of Taxability definition

Date of Taxability means the earliest date as of which interest on the Series 2022 Bond shall have been determined to be includable in the gross income of the Bondholder pursuant to a Determination of Taxability.

Date of Taxability means the first date on which Interest is included in the gross income of the Bank for federal income tax purposes as a result of an Event of Taxability or a Determination of Taxability.

Date of Taxability means the date from and for which interest on the Bond is subject to federal income taxation as a result of a Determination of Taxability.

Examples of Date of Taxability in a sentence

• Anything to the contrary in this Loan Agreement notwithstanding, from and after a Date of Taxability following a Determination of Taxability, the Loan shall bear interest at a taxable rate, as provided in Section 5.21 hereof.

• In such case, Borrower agrees also to pay to the holder of the Bonds forthwith an amount equal to the aggregate difference between (i) the amounts actually paid between the Date of Taxability and the date of receipt of notice of the Determination of Taxability and (ii) the payments due during such period based upon the increased rate, together with the amount of interest and penalties, if any, incurred by the holder of the Bonds as a result of such change in taxable status.

• In the event that the interest on the Note becomes includable in gross income for purposes of federal income taxation pursuant to a Determination of Taxability, the rate of interest then payable under the Note shall automatically be increased from and after the Date of Taxability, to an annual rate equal to the Taxable Rate specified in the Note (the “Taxable Rate”).

• If the Bonds are payable at the Tax-Exempt Rate, after the Date of Taxability following a Determination of Taxability, the interest rate may, at the option of the Owner, be increased to the Taxable Rate, as provided in a written notice of the Owner to the Trustee and the District.

• From the date hereof to the Date of Taxability or the Date of Default, if any, interest on this Note shall be calculated based on the Variable Rate.

More Definitions of Date of Taxability

Date of Taxability means the earliest date as of which interest on this bond shall have been determined to be includable in the gross income of any owner or prior owner of this bond as a result of a Determination of Taxability.

Date of Taxability means the earliest date as of which interest on the Note shall have been determined to be includable in the gross income of any owner or prior owner of the Note as a result of the occurrence of a Determination of Taxability.

Date of Taxability means the earliest date as of which interest on this Note shall have been determined to be includable in the gross income of the Lender as a result of a Determination of Taxability.

Date of Taxability means that point in time, as specified in the determination, ruling or decision, that the interest payable on the Note becomes includable in the gross income of the holder of the Bonds for federal income tax purposes.‌

Date of Taxability means the date as of which all or any part of the interest on the Bonds is first required to be included in the gross income of any holder or former holder thereof for Federal income tax purposes by reason of the occurrence of an "Event of Taxability" (defined in the Indenture) which results in a "Determination of Taxability" (defined in the Indenture).

Date of Taxability means the first date upon which interest on this Bond is included in the gross income of the Purchaser for federal income tax purposes as a result of an Event of Taxability or a Determination of Taxability.This Bond is subject to mandatory redemption before maturity in part at the redemption price of 100% of the principal amount to be redeemed, without premium, on each June 14 in the years and in the amounts as follows: *Maturity This Bond shall also be subject to optional redemption prior to its stated maturity at the option of the Town in whole (but not in part) on any date upon giving the Purchaser not less than 30 Business Days prior written notice thereof. The redemption price of such Bond shall be equal to 100% of the principal amount of this Bond, plus interest accrued to the redemption date, plus, if so required by the Purchaser as compensation for the costs of this Bond being prepaid, an amount equal to the Cost of Prepayment. “Cost of Prepayment” means an amount equal to the present value, if positive, of the product of (a) the difference between (i) the yield, on the beginning date of the applicable interest period, of a U.S. Treasury obligation with a maturity similar to the applicable interest period, minus (ii) the yield on the prepayment date, of a U.S. Treasury obligation with a maturity similar to the remaining maturity of the applicable interest period, and (b) the principal amount to be prepaid, and (c) the number of years, including fractional years, from the prepayment date to the end of the applicable interest period. The yield on anyU.S. Treasury obligation shall be determined by reference to Federal Reserve Statistical Release H.15(519) “Selected Interest Rates.” For purposes of making present value calculations, the yield to maturity of a similar maturity U.S. Treasury obligation on the prepayment date shall be deemed the discount rate. A “Business Day” shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial lenders are authorized or required to be closed for business in Raleigh, North Carolina. This Bond shall be a special obligation of the Town and the principal of, and interest and premium on, such Bond shall be secured solely by the sources set forth in the Bond Order (such sources being defined herein as the “Pledged Sources”), which are as follows:

Date of Taxability means the earliest effective date as of which the interest payable on either Bond becomes includable in the gross income for federal income tax purposes of any Bondholder or former Bondholder as a result of the occurrence of a Determination of Taxability.